Lagos Office
Plot 8A, Ajumobi Olorunoje Street, Off Acme Road, By First Bank Agidingbi, Ikeja Lagos State, Nigeria.
Abuja Liaison Office
Suite 317, Lozumba Complex, Area 10, Garki, Abuja
x
G
B
C
&
C
O.
About Us
The firm was established in 1992 and has continued to provide qualitative value added services to its diverse, ever growing clientele in different sectors of the economy. The firm is endowed with highly competent and experienced professionals with a wide exposure to all aspects of accounting, financial management and general business administration.
About UsContact Info
- Plot 8A, Ajumobi Olorunoje Street, Off Acme Road, Ikeja, Lagos State, Nigeria.
- +234 80 9622 7865, 0916 901 9711
- info@gbc-consult.com
Uncategorized
New VAT Sharing Formula in Nigeria: What It Means for Revenue Allocation
Executive Summary Nigeria has introduced a new Value Added Tax (VAT) revenue sharing formula as part of its broader tax reforms aimed at improving fiscal federalism and strengthening the finances of state governments. Under the revised structure, the Federal Government now receives 10% of VAT revenue, states receive 55%, and local governments receive 35%, replacing […]
Automated AML in Nigeria: How CBN’s New Standards Are Transforming Financial Risk Management
Nigeria’s financial system is entering a more stringent regulatory phase following the release of new compliance guidelines by the Central Bank of Nigeria (CBN) on March 10, 2026. The newly introduced Baseline Standards for Automated Anti-Money Laundering (AML) Solutions signal a clear shift toward more sophisticated, technology-enabled approach to combating financial crime. At a time […]
Nigeria Introduces 1% Presumptive Tax on Informal Businesses
Executive Summary The Federal Government of Nigeria has introduced a 1% presumptive tax regime targeting businesses in the informal sector. The initiative is designed to simplify tax compliance for small businesses while expanding the country’s tax base. Under the framework, eligible businesses will pay 1% of their annual turnover as tax, while nano and micro […]
Private Sector Lending Drops to Lowest Level in 18 Months
Editor’s Note: This article was originally written on November 25, 2025 and is being republished here for archival purposes. Credit to Nigeria’s private sector has slid to an 18-month low, signaling growing stress in the banking system and weakening access to finance for businesses. According to recent data from the Central Bank of Nigeria (CBN), […]
FEDERAL INLAND REVENUE SERVICES IMPOSES 10% WITHHOLDING TAX ON SHORT-TERM INVESTMENTINTEREST: IMPLICATIONS AND MARKET OUTLOOK
Editor’s Note: This article was originally written on November 3, 2025 and is being republished here for archival purposes. The Federal Inland Revenue Service (FIRS) has announced a major change in Nigeria’s tax regime forinvestment income. Under a new directive issued in October 2025, banks, stockbrokers, and otherfinancial institutions are now required to deduct a […]
NIGERIA’S JOURNEY TOWARDS GLOBAL INTEGRATION: THE TRANSFORMATIVE ROLE OF PAYMENTS
Editor’s Note: This article was originally written on October 30, 2025 and is being republished here for archival purposes. Introduction In recent years, Nigeria has embarked on a deliberate journey towards deeper global economic integration. This push toward globalisation encompasses trade liberalisation, investment attraction, infrastructure development, and financial innovation. Central to all of these is […]
Key Changes to Capital Gains Tax (CGT) under the Nigeria Tax Act (NTA) 2025
Editor’s Note: This article was originally written on October 14, 2025 and is being republished here for archival purposes. Synopsis The Nigeria Tax Act (NTA) 2025 substantially overhauls Capital Gains Tax (CGT). The reform aligns CGT for companies with corporate tax — raising the rate from a flat 10% to 30% — while capital gains […]
FG Abolishes 5% Telecom Tax on Voice & Data Services — A Detailed Explainer
Editor’s Note: This article was originally written on September 18, 2025 and is being republished here for archival purposes. What happened The Federal Government of Nigeria has completely removed the 5% excise duty on telecommunications services (voice calls and data) that was previously enshrined in the law but suspended. The removal was made official in […]
Customs Begins Enforcement of 4% FOB Levy Amid Continued 7% Surcharge at Ports
Editor’s Note: This article was originally written on August 27, 2025 and is being republished here for archival purposes. Introduction On Monday, August 4, 2025, the Nigeria Customs Service (NCS) officially began collecting the 4% Free On Board (FOB) levy on imported goods at seaports, marking a significant fiscal policy shift in import duty collection. […]
Discontinuation of Issuance of Tax Exemption Certificates: Implications for Nigerian Businesses
Editor’s Note: This article was originally written on August 6, 2025 and is being republished here for archival purposes. Introduction In a significant policy shift, the Federal Government of Nigeria, through the Federal Inland Revenue Service (FIRS), has announced the discontinuation of the issuance of Tax Exemption Certificates (TECs). This move has generated widespread interest […]